LNG tanker to be built in Japan

Tokyo Electric Power Co. will build a second tanker for transporting liquefied natural gas to reduce procurement costs. The company will set up a new firm jointly with trading house Mitsubishi Corp. and shipping company Nippon Yusen KK to run the tanker starting in 2006. Mitsubishi Heavy Industries Ltd will build the JIY 20 billion, 60,000-ton tanker. An LNG buyer can reduce costs by using its own tanker because sellers usually set high prices to cover risks involving transportation.

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